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$BTC - Market makers are protecting the range highs to lure in bears, trap late longs, and build up liquidity for the next leg up, just like they did before the short squeeze to $123,000.
This compression phase is meant to create complacency for bears before a bigger move.
This is also reflected on the Velo Data, with Funding Rates going lower and the Premium metric returning to negative territories, signaling that the late-longs got flushed.
Also worth noting: Notice that the Open-Interest spiked when $BTC did that fake breakdown and now it's going down? Those are shorts starting to get SQUEEZED.